Fayetteville Probate
In Fayetteville, probate law is the proceeding that takes place after a person has passed away and left his or her estate to heirs. Whenever a person passes on and leaves property, whether a will was written or not, the estate goes to court for probate in Fayetteville. Also, Fayetteville laws are intricate and complicated, requiring if not a probate lawyer in Fayetteville, then a probate law firm. There are few other professionals who can guide bereaved spouses and children through real estate law, taxation law, or probate laws in Fayetteville.
When do you need a probate lawyer in Fayetteville, AR?
If you have a recently deceased loved one who lived in Fayetteville, probate litigation may become a difficult and time-consuming reality. Every state has a varied set of statutes mandating how to handle probate law. Firms in Fayetteville can help you through this difficult time, and you may be a candidate for their assistance if you:
- Are named the executor of a will
- Inherited or will inherit property in Arkansas
- Have a relative who passed away in Arkansas
While most people believe that a will simply leaves a person’s estate to various beneficiaries, every estate in Fayetteville is subject to Arkansas probate law . There is little sense banking on the courts to make the best decisions for your estate. There are many options when creating a will, some of which may save thousands of dollars in taxes. Our Fayetteville probate attorneys can help you do this.
Recent changes in Arkansas probate laws
Though there have been changes to Arkansas probate, our lawyers in Fayetteville can assist in the process of estate planning and working through probate. Arkansas grants five years to file probate. And while most cases do not last more than a year, the assistance of a probate law firm in Fayetteville is essential to a speedy proceeding.
If a will does not exist or does not name an executor, the circuit court in charge of the case will appoint one. An attorney can inform a court-appointed representative of his or her responsibilities. The proceedings, which can be simplified with the assistance of a probate attorney in Fayetteville, can be summarized generally as follows:
- The executor or representative files the Petition for Probate
- He or she may be required to post a bond
- Creditors file claims
- An inventory of the property is assessed for the estate value
- Expenses, taxes, debts, and any remaining claims are be paid
After this, the remainder of the estate can be distributed to the beneficiaries. The filing fee in Arkansas is between $250 and $350. This is something no probate attorney in Fayetteville can avoid. The court requires that legal notice of death be posted, usually in a newspaper, to alert creditors. The creditors have three to six months to file a claim against the deceased.
By state mandate, a Fayetteville probate lawyer’s fees are based on a percentage of the gross value of the estate—not the net value. Probate law firms can help you and your loved ones be sure of receiving the full benefit of the law.
Contact our Fayetteville Law Firm
If you are setting up a will, a trust, or simply need more information about probating a will in Fayetteville, lawyers at Stockland & Trantham, P.A., are experienced not just in probate law, but in banking, commercial litigation, estate planning, real estate law, and taxation law. Contact our probate attorneys in Fayetteville today.
